EUR/USD Price Analysis: On track to hit the lowest since Dec. 1
|EUR/USD's technical chart shows bears are in control and could soon push the pair to three-month lows below the Feb. 5 low of 1.1952.
The pair formed a bearish marubozu candle on Thursday – a sign of a strong bearish mood in the market – validating a bear flag disruption confirmed earlier this week.
A bearish marubozu or a big red candle with little or no wicks appears when sellers pretty much dominate the proceedings. The pair dived out of a bear flag on March 3, signaling an extension a resumption of the sell-off from the Jan. 6 high of 1.2349 and opening the doors for a drop below 1.20.
A close above the lower high of 1.2243 created on Feb. 25 is needed to confirm a reversal higher.
Daily chart
Trend: Bearish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.